In Brief: China Mobile to acquire Millicom

May 24, 2006

China Mobile has reportedly struck a deal to acquire Millicom International, a leading provider of cellular service in underdeveloped world markets.

The Standard said Wednesday that a source confirmed that the transaction had gone through after top bidder Investcom withdrew its offer and dropped out of the bidding.

The price was not revealed; however, The Standard said previous published reports put the price at $4 billion.

Luxembourg-based Millicom has a presence in 16 nations in Latin America, Asia and Africa, and has a subscriber base of nearly 9 million.

If the deal goes through, it would give mainland China the worldwide expansion it has been seeking since losing out in its bid to buy Pakistan Telecom last year. China Mobile is already the world's largest cell provider.

Copyright 2006 by United Press International

Explore further: The UK doesn't yet need net neutrality regulations

add to favorites email to friend print save as pdf

Related Stories

Substance tops style at CES' Global Technology Marketplace

Jan 11, 2015

Sandy Liang mans a little booth at the Westgate Hotel convention hall in Las Vegas. Dressed sharply in a navy suit, he sits around trying to look busy. He plays with his smartphone. He twiddles a pen. He flicks through the ...

Cyberattacks to worsen in 2015: McAfee researchers

Dec 09, 2014

A series of spectacular cyberattacks drew headlines this year, and the situation will only worsen in 2015 as hackers use more advanced techniques to infiltrate networks, security researchers said Tuesday.

Report: China Mobile cool on 3G standard

Feb 01, 2006

China's adoption of a homegrown technical standard for third-generation (3G) wireless service might not be as done a deal as the industry had assumed.

Recommended for you

Why the SIM card has had its day

7 hours ago

The small microchips known as "subscriber identity modules" or SIM cards that are required for mobile phones to log on to a phone network will soon be 25 years old. While mobile phones and network technology ...

The UK doesn't yet need net neutrality regulations

Mar 04, 2015

The net neutrality debate in the US has ended, at least for now, with the Federal Communications Commission ruling for stricter regulation of telecoms and internet service providers (ISPs) in order to maintain ...

Italy adopts plans to shift into Internet fast lane

Mar 04, 2015

Italy's government adopted a six-billion-euro plan Tuesday to modernise its Internet network and improve access to broadband in hopes of shedding its reputation as one of Europe's online laggards.

Phone firms and the quest for the 5G Holy Grail

Mar 03, 2015

Lightning-quick downloads, driverless cars and remote surgery: telecom firms are racing to develop a new generation of "5G" mobile networks that could start to change the world in five years.

User comments : 0

Please sign in to add a comment. Registration is free, and takes less than a minute. Read more

Click here to reset your password.
Sign in to get notified via email when new comments are made.